CF vs LIN: Correlation
CF Industries (CF) and Linde plc (LIN) show a weak relationship: their 3-year correlation of weekly returns is 0.18.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CF and LIN?
Over the past 3 years, CF and LIN moved with a correlation of 0.18, which is weak. Recent behaviour matches the longer record: 0.21 over 1 year against 0.18 over 3. Over 5 years the correlation is 0.15, and the annualized covariance of weekly returns is 99.3 %².
Among the 50 assets we track against CF, LIN ranks #22 by 3-year correlation. The last year tells two different stories: CF led by 46.7 percentage points, +48.6% for CF against +1.9% for LIN. On a rolling one-year basis the correlation drifted between 0.07 and 0.45, a moderate band. Note the risk asymmetry: CF runs 2.0 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
CF vs LIN: side by side
| CF (CF Industries) | LIN (Linde plc) | |
|---|---|---|
| 1-year return | +48.6% | +1.9% |
| 5-year return | +211.5% | +64.6% |
| Volatility (ann.) | 32.8% | 16.5% |
| Beta vs S&P 500 | -0.20 | 0.37 |
| Max drawdown (3Y) | -29.2% | -19.2% |
| Market cap | $19.0B | $223.7B |
| P/E (trailing) | 9.3 | 31.6 |
| Dividend yield | 1.59% | 1.26% |
| Sector / category | Materials | Materials |
Year-by-year returns
| Year | CF | LIN |
|---|---|---|
| 2022 | +22.3% | -4.4% |
| 2023 | -4.7% | +27.7% |
| 2024 | +10.1% | +3.2% |
| 2025 | -7.2% | +3.2% |
| 2026 | +64.9% | +14.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CF and LIN good diversifiers for each other?
Yes: at 0.18, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CF and LIN?
The CF/LIN correlation stands at 0.18 on a 3-year window (1 year: 0.21, 5 years: 0.15), computed from weekly returns as of 2026-08-27.
Is LIN a good diversifier for CF?
Yes: at 0.18, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.18 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cf-vs-lin.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cf-vs-lin/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CF correlations · LIN correlations
